India, Nov. 5 -- Unable to find buyers for hundreds of its flats across Mumbai, including those overlooking the Kanjurmarg landfill and the sea, the Maharashtra Housing and Area Development Authority (Mhada) has initiated a proposal to reduce prices of the unsold inventory by up to 10%. If approved, the revised rates will come into effect when the Mumbai Housing and Area Development Board (MHADB) puts the apartments back on the market after Diwali under its First Come First Serve (FCFS) scheme.

Mhada initially offers newly constructed homes through lottery draws. Flats that remain unsold after repeated attempts are subsequently transferred to MHADB, its Mumbai housing arm, which markets them under the FCFS category, allowing applicants t...